风险投资中企业家人力资本的模糊实物期权定价

风险投资是新经济的孵化器,昭示了新经济条件下企业家人力资本的重要性。围绕风险投资中企业家人力资本特性开展研究,作为一种边际报酬递增的异质性人力资本,企业家人力资本可视为一种特殊的实物期权,其价值具有很大的不确定性。因此可以使用期权定价模型对企业家人资本进行定价研究,并进一步将模糊数学引入期权定价模型,使这一改进的模型更符合实际。

The Fuzzy Real Option Pricing of Entrepreneur''''s Human Capital in Venture Capital

Venture capital is the incubator of the new economy, declares publicly the importance of entrepreneur's human capital under the new economy. This paper carries on the study from entrepreneur's human capital characteristics in venture capital, as a increasing return and dishomogeneous human capital, the entrepreneur's human capital is regarded as a special real option, with its value indefinite. So we can price the entrepreneur's human capital by the model of real option pricing, further apply the fuzzy number to the model, which makes the ameliorated model be fitted with realistic cases.